Effect of Retention Strategies on Job Satisfaction Among Employees in Savings and Credit Cooperative Societies in Kenya

Abstract

The purpose of this study was to determine the effect of retention strategies on job satisfaction among employees in Savings and Credit Cooperative Societies in Kenya. The specific objectives of the study were to determine how rewards, job security, working environment and training and development influences job satisfaction in Savings and Credit Cooperative Societies in Kenya. As the world is becoming a global village, a lot of technological changes have to be emphasized to influence the day to day operations at the workplace. As a result, much emphasis has to be put on knowledgeable workers in order to meet the changing needs of the business environment. Organizations should therefore put in place various strategies to ensure recruitment and retention of workforce who possess the right skills and knowledge to ensure high quality delivery for a sustainable performance. Stratified random sampling technique was used in the study while the study population was consist of all the employees in the selected cadres of the 42 Sacco’s based in Nairobi County while the sample size was derived through census whereby all the Sacco’s were included in the sample. From the Sacco’s 10% of the employee were selected where 4 respondents were picked from every Sacco. This made a sample size of 168 respondents. Primary data was used to collect information in this study through questionnaires. The data collected was processed using regression analysis technique. The researcher used Cronbach Alpha of 0.7 for this study as a measure of internal consistency. The data from the findings was then analysed by SPSS and presented using tables, pie-charts and graphs. The study established that employee rewarding, job security, training and development and work environment contributed to job satisfaction among SACCO’s in Kenya. The inferential analysis of the study model however revealed that employee rewarding, job security and work environment had a significant and positive effect on job satisfaction while training and development had a positive but insignificant relationship on job satisfaction.